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"Saudi Arabia’s Kingdom Holdings reported a 68 per cent rise in second quarter profits compared with the first three months of the year, amid plans for an $800 mn investment in three Egyptian hotels.

The investment firm, owned by Prince Alwaleed bin Talal, reported a net profit of 216.3 million Saudi riyals for the second quarter of the year, compared with a loss of 80 million riyals in the same period last year, and a first quarter profit of 129m riyals, according to a statement posted on the Saudi stock exchange.

Kingdom said that the increase in profitability came from an “increase in income from and gain on investments in addition to increase in dividends income, increase in other gains and increase in share of results from equity-accounted investees,” which came in spite of a rise in financial charges and general administrative expenses."